Pune, March 14, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider analysis, governments and regulatory bodies are increasingly implementing strict regulations to ensure the security of sensitive data and systems, which is driving the adoption of embedded security solutions.
The Embedded Security Market had a value of “USD 6.77 billion in 2022 and is projected to increase to USD 10.88 billion by 2030, with a CAGR of 6.1% during the forecast period of 2023-2030, as reported by SNS Insider”.
Embedded Security Market Report Scope
| Report Attributes | Details |
| Market Size in 2022 | US$ 6.77 Billion |
| Market Size by 2030 | US$ 10.88 Billion |
| CAGR 2023 to 2030 | CAGR of 6.1% |
| Key Segments | • by component (Hardware, Software, Services) • by Security (Authentication, Content Protection, Payment) • by application (Wearables, Automotive, Smart Identity Cards, Payment Processing and Card, Smartphones, Industrial, Others) |
| Company Profiles | McAfee LLC, Hitex GmbH, Infineon, NXP, Thales Group, Samsung, IDEMIA, STMicroelectronics, Qualcomm, Microchip Technology, Texas Instruments, Renesas, Broadcom Inc and Other. |
| Key Drivers | •Incorporation of payment capabilities into wearables. |
| Restraints | • Security flaws and cyber-threats. |
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Embedded security refers to the process of securing a system by incorporating security mechanisms into the hardware or software of the system. This approach to security is increasingly important as more devices and systems become interconnected and vulnerable to cyber-attacks. By embedding security mechanisms directly into the hardware or firmware of a device, it becomes much more difficult for hackers to circumvent or disable those measures.
Market Analysis
The key driver for the Embedded Security Market is the increasing demand for secure and reliable computing systems in various industries such as automotive, healthcare, banking, and government. With the growing trend of digitization and the Internet of Things (IoT), the need for embedded security has become more critical than ever before. Another key driver for the market is the increasing adoption of connected cars and smart homes. Additionally, the increasing use of mobile devices for financial transactions and online banking has led to a greater need for secure authentication and encryption.
Impact of Recession
The impact of a recession on the embedded security market will depend on a variety of factors, including the severity and duration of the economic downturn, as well as the specific needs and priorities of businesses and individuals. While there may be challenges in the short term, it is likely that the demand for embedded security solutions will remain strong over the long term as the threat of cyber-attacks continues to grow.
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Key Regional Development
According to market analysis, the North American embedded security market is projected to experience a substantial increase in CAGR during the forecast period. One of the factors contributing to this growth is the heightened participation of governments in embedded security. In response to rising security concerns, governments have implemented various measures, including particular budget allocations and mandatory security regulations. These initiatives are expected to stimulate the growth of the embedded security industry in North America. The Asia Pacific (APAC) region holds the most significant portion of the market. This is due to the presence of numerous key players in the region, with China and Japan being at the forefront of the market.
Recent Developments Related to Embedded Security Market
- STMicroelectronics, a leading provider of semiconductor solutions, has developed the Secure Manager, a powerful combination of hardware and software designed to simplify the development of secure embedded applications. With the increasing need for security in today's connected world, Secure Manager provides a comprehensive solution that can help developers ensure the safety and integrity of their applications.
- congatec and Kontron, two leading companies in the embedded computing industry, have recently concluded a joint COM-HPC evaluation. This evaluation was focused on the COM-HPC standard, which is the latest generation of Computer-On-Module (COM) standards for high-performance computing applications. The evaluation aimed to assess the compatibility and performance of various COM-HPC modules developed by the two companies.
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Key Takeaway from Embedded Security Market Study
- The market is projected to experience the highest growth in the automotive category. This growth can be attributed to the rapidly increasing sales of electric vehicles (EVs). As the demand for EVs continues to surge, the need for robust security measures to safeguard the complex systems that power these vehicles becomes more critical.
- The market has witnessed significant growth in recent years, and the aerospace and defense segment has been one of its key drivers. The aerospace and defense industry has been at the forefront of developing and implementing embedded security solutions to protect its critical hardware and data.
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